Market Analysis: NZD/USD Sink Further, Losses Mount Market Analysis: NZD/USD Sink Further, Losses Mount
NZD/USD is also moving lower and might extend losses below 0.57350.
Important Takeaways for NZD/USD Analysis Today
- NZD/USD declined steadily from the 0.5790 resistance zone.
- There is a short-term bearish trend line forming with resistance at 0.5750 on the hourly chart of NZD/USD at FXOpen.
NZD/USD Technical Analysis
On the hourly chart of NZD/USD on FXOpen, the pair also followed a similar pattern and declined from the 0.5790 zone. The New Zealand Dollar gained bearish momentum and traded below 0.5765 against the US Dollar.
The pair settled below the 0.5755 level and the 50-hour simple moving average. Finally, it tested the 0.5735 zone and is currently consolidating losses.
Immediate resistance on the upside is near the 23.6% Fib retracement level of the downward move from the 0.5792 swing high to the 0.5736 low at 0.5750. There is also a short-term bearish trend line forming with resistance at 0.5750.
The next resistance is the 0.5765 level or the 50% Fib retracement level of the downward move from the 0.5792 swing high to the 0.5736 low. If there is a move above 0.5765, the pair could rise toward 0.5790.
Any more gains might open the doors for a move toward the 0.5810 resistance zone in the coming days. On the downside, immediate support on the NZD/USD chart is near the 0.5735 level.
The next major support is near the 0.5710 zone. If there is a downside break below 0.5710, the pair could extend its decline toward the 0.5665 level. The next key support is near 0.5640.
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